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China will ensure stable economic growth in Q1, premier says -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Cars pass construction sites near Beijing’s central commercial area. November 21, 2018. Picture taken November 21, 2018. REUTERS/Jason Lee

BEIJING, (Reuters) – China will provide stable economic growth for the first quarter 2022, Premier Li Keqiang said on Wednesday.

Li stated that government officials will increase tax and fee cuttings for companies and offer targeted support for COVID affected sectors like services.

China will extend existing tax breaks and increase deductions for research and development (R&D) expenses when compannies calculate their income tax, Li said.

China faces new downward pressures in its economy and Li says it is trying to stabilize key sectors like employment, finance, trade, investment.

Due to a downturn in property prices and tight COVID-19 regulations that have impacted consumer spending, the world’s second largest economy will face multiple challenges going into 2022.

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